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Show 9 V V 'fi-tr-'- The Salt Lake Tribune, Sunday, March 11, 1973 2U By Leonard M Groupe Chicago Daily News Writer Elaine and Ralph B. were about to lose their home. She was almost in tears as Ralph explained their predicament. A contract sale is different. The seller keeps title to the house until its paid for. When the seller is desperate to sell and cant get a buyer whos able to get a sufficient mortgage, he may be willing to Almost three years ago they sell on contract. When the found this house and needed buyer is desperate to buy $5,000 for the down payment, and cant raise enough money but $2,500 was all they could to do so the ordinary way, he .scrape together So the owner may be willing to buy on conof the house said hed sell it to tract For both sides, its them on a contract for only strictly from hunger $2 500 dow n Prepares Document called for the dime monthly payments as a 5 year mortgage for three y- a.o Then the contract said Elaine and Ralph had to for a mortgage to pay (ft the balance. Surely, they thought, theyd be able to save up another $2,500 in three years. They could understand why the seller didnt want to be himself down for 25 years. I The contract The sellers lawyer prepares a document called Articles of Agreement for Warranty Deed Installment Contract Its always the sellers lawyer who does this because the buyer almost never has a lawyer when he goes into a deal like this unfortunately. The contract sets forth the purchase price, the terms of payment, the rate of interest, and any other obligations of Sold for Cash jj the buyer The seller agrees J Isually, houses are sold for to give the buyer a deed to cash The buyer borrows such house after the buyer has the money as he needs in addition his down payment (and lived up to his part of the barposing costs), giving a mor- gain. It's as casual as the buying of a car. tage as secunty. He pays the seller for the house and gets For Elaine and Ralph, the tile in his own name. The three years had just about Seller walks away from the gone by and they had been deal without a house, but with twice turned dcwn for a mortall his money (less closing gage. They were obligated to (osts) and thats the end of pay off the balance of the contract in a month and to face pte transaction. - ar-ui- f up to the fact that if they couldnt get a mortgage, theyd lose the house and all they had put into it. Legal Messes Some of the most complicat- ed legal messes Ive ever been in concern the buying of houses on contract. Thats because none of the usual steps taken to protect the buyer m the ordinary sale are involved m a contract sale simply because the buyer often doesnt get any protections. Im deeply prejudiced against buying real estate on contract unless some very important precautions are taken to protect the buyer. Consider the possibility of the following happenings: Like Elaine and Ralph, when the time comes for you to obtain a mortgage, if required by the contract, you cant get one. There could be many reasons wny you cant get one when you need it the most. You may be out of work at the wrong time, then what? There may be defects in the sellers title and will show up only in a title report which the seller almost never agrees to furnish in a contract sale. Get Into Trouble The seller may have clear title when he goes into the Colleen Tap-girJ'r. Us Betrothal Juying on contracts tricky Dr. and Mrs. W. Dean Beinap, Bountiful, announce the engagement and forthcoming marriage of their daughter, Rosann Beinap, to Jared Balmer. you have paid him. If for some reason you are in default in any of the terms of the contract a mortgage foreclosure isnt needed to get you out. The owner of the property remember, him, not you The nuptial news was revealed at a luncheon Saturday at the home of Mrs. J. Richard Jenkins, Salt Lake City, aunt of the bnde elect. Assisting were other aunts, Mrs. Nathan B. Winters and Mrs. David P. Low den. can get you out with a like simple eviction suit with a tenant who doesnt pay his rent to get it. (Copyright) 18 wedding in Miss Beinap is. a student at the University of Itah. She has attended Brigham Young University and Byam Shaw College of art and painting, London, England. 1 t, Lots of tuna - LA JOLLA, CALIF. (AP) West coast commercial fisherd men landed a catch of 34,000 tons of albac-oror white meat tuna, in 1972, according to the National Maruie Fisheries Service Center here. There was a 91 percent increase in the catch off British Columbia for a total of 22,200 tons there. near-recor- Mr. Balmer, w'hc is working on his masters degiee at BYU, is a son of Mr. and Mrs. Paul Balmer, Zollikofen, Switzerland. He is a graduate of the University of Basil, Rosann Beinap Is it ever safe to buy on contract? But from a seller who may not be that reliable, Id be mighty careful. Id be so careful that I probably wouldnt do it unless clear title were first to a bank, as conveyed trustee, and kept in escrow by it until the time came for me - e, Guests learned of an April the Salt Lake LDS Temple. The seller may retire and move down to Florida. You mail your payments dowm to him and you never hear from him. After you sent in your final payment and want your deed you still dont hear from him what do you do then? Sure, if youre buying from the VA or FHA. ;t- Nat Swlt Iai.3 City, am- ounce Lhe engagement and forthcoming marriage of their daughter, Colleen Taggart, to Dale D. Jaussi, son of Mr. and Mrs. Clifford Jaussi, Rexburg, Idaho. The couple plans a March 23 wedding in the Salt Lake LDS Temple. T:-r- contract, but he may later get into trouble and be unable to t s- -J Rosann Beinap pass clear title to you after f 'i v v ' Woe upon woe - HerNEW YORK (UPI) oin addicts may suffer from alcoholic liver disease as well as hepatitis, Dr. Barry Stim-mand associates at Mount Sinai School of Medicine, New York, report. Their study of addicts in a methadone maintenance program m New York shows that alcohol may be taking a place of its own in the roster of Switzerland. SK007GRS WIDE el addiction-relate- GOLDEN WEDDING 5 to 12 1 to 1 3 0'i dahleOueEN So. Temple at 2nd East 10 a.m. to 6 pm. sssy MED. Widths The chldren of J. Ross and Helen Hunsaker will honor their parents at an Open House to celebrate their golden All friends are wedding anniversary invited Sunday, March 18, 1973 from 4 to 8 pm, Heritage House, 4699 S. Highland Drive, SLC They were married March 14, 1923 in the Salt Lake Temple Mr and Mrs Vern W Call and Mr and Mrs R Lawrence Hunsaker Soft Walking Shoe in nude tan or black leather diseases. d I EX. WIDE Widths NARROW 0 FASHIONS 48 West 2nd So. 364-4- 1 80 will host No gifts please s Cottonwood Mall 10 a.m. to 6 p.m. 0pentil9-Mon.&Th- urs. AND K0W AT TROLLEY SQUARE MM to 8 p.m. Mon. thru Fri. f-- 10 a.m. to 6 p.m. ij ft Saturdays y Discover elegant utility and SAVE 6.00 during this Special offer on these popular ' sets GERBER Legendary BLADES. Quality matched only in legend. 2 Piece Carving Set regular 24.50, NOW 18.50 4 Piece Steak Knife Set regular 23.00, NOW 17.00 ' Uncomplicated good looks from a great collection of fresh and newsy styles. Sizes S.M.L. A (a) set in white with rednavy trim, 24.00. (b) Zip cardigan: White with rednavy stripes, 28.00. (c) Cap sleeve vest: Navy with red jag stripes, 20.00. (d) Short sleeve cardigan: White with green trim, 15.00. Am4$ Cjinl A by AMALFI For a sandal season, these are the sunny that will magically raise your on spirits any height you desire. (a) White or Natural calf, 25.00. eye-opene- rs ... (b) White calf, 26.00. (c) White calf or Black patent, 24.00. (d) White calf, color stitched, 25.00. Je) White calf or Black patent, , 32.00. 7 4 tz--z. 1 u - i A it ft A . ifr. ft (K I a a a, a ft h ft |